US consumer confidence falls to 7-month low

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Associated Press

Posted on November 26, 2013 at 12:00 PM

Updated Tuesday, Nov 26 at 12:02 PM

WASHINGTON (AP) — U.S. consumers' confidence in the economy fell in November to the lowest level in seven months, as Americans expressed more concerns about hiring and pay increases in coming months.

The Conference Board says that its index of consumer confidence dropped to 70.4 from 72.4 in October. The October reading was slightly higher than initially reported.

Confidence has now fallen for three straight months after reaching a five-year high of 82.1 in June.

Consumers' confidence is closely watched because consumer spending accounts for 70 percent of economic activity.

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